Dallas-based ASC chain United Surgical Partners International announced it would acquire more than 90 ASCs from SurgCenter Development for approximately $1.2 billion in November 2021.
USPI executives revealed the progress on the acquisition had slowed during a February earnings call meeting — the transaction included many ASCs that were in early development stages and that there were planned buy-ups and center openings that did not happen on the original timelines.
However, progress is now on track, CEO Saum Sutaria, MD, said in a July 31 earnings call transcribed by Seeking Alpha.
The Surgcenter Development buy-ups are in line with expectations this year, Dr. Sutaria said; additionally, the company's de novo ASCs "that were delayed are all on track this year as well," he added.
The acquisition includes ownership interest in 92 ASCs and the formation of a five-year development agreement to provide continuity for SurgCenter Development's facilities and physician partners.
This progress is a contributor to USPI's major success, and they will continue to invest approximately $250 million of capital annually to grow USPI, the executives added.
"USPI's future is bright and our capital deployment into this business will continue to grow and develop this portfolio," Dr. Sutaria said.